The Australian Competition and Consumer Commission says it will not block Hong Kong businessman Tony Fung’s acquisition of the Reef Hotel Casino in the north Queensland city of Cairns, not far from where he plans to build a multibillion-dollar resort with gaming.
The approval would give the financier two casinos on the north Queensland coast if he wins approval for his A$8 billion Aquis super-resort, a multi-phase development that will include eight hotels, high-end shopping, an aquarium, two theaters, convention and exhibition facilities and eventually a sports stadium. Plans for the casino, which will target Asian tourists, Chinese mainly, call for 750 table games and 1,500 machine games.
The Queensland government has given Aquis initial approval with a final decision on the license slated for next year.
